Bitcoin Blog a1

Thursday, January 30, 2014

Bitcoins!!

So, lately I have been obsessed with BITCOINS! Recently people when people ask me what I did last weekend I respond, making bitcoins! Often times this results in some confusion on their part, then they will ask, What are bitcoins?

I attempted to mine some of this bitcoins. It didn't work. But I was still driven to get them. This is one of the videos that inspired me to try:

I setup an mining rig on my laptop and soon saw, I would never see a bitcoin like this. The amount of shares produced by my humble laptop’s gpu would never amount to anything recognized by the pools. But I didn’t give up! I then moved on to promotion sites as a source of bitcoin. I used www.bestfreebitcoin.com/‎ as a guide and used bitcoinvistor.com to try to get some coin. To do so, the website directs you to an advertisers’ sites and gives you a small about of BTC. In fact it is measured in μBtc. At this point I was like, whatever, I don’t know what that means, I just want COINS ( it means one millionth of a BTC or .000 001))! So I looked a ton of sites. I mean like a 100 or some maybe, and I finally passed the 60 μBtc threshold they have for payment. I eagerly waited in anticipation of a big payout. The next day it came, and….. It was .08 cents! I wasn’t too sad, I mean, it was free and all.

I also learned that .08 value was actually overstated! They used MtGox market value of BTC in the valuing of my BTC, which isn’t accurate. Following the security breaches of the market, that site has fallen out of favor and is no longer used, meaning other sites like bitstamp are more correct and also valued my BTC at a whole penny less. Talk about being short changed.